As far as I know the Rugby club is not owned by the fans. Owned by local businessman Tony Rowe. Are you getting mixed up with Exeter City FC that is a Supporters Trust run Club, owned by the fans? I may be wrong about the rugby, as I have no interest in the egg chasing lot down the road, but the football club is definitely fan owned as I am a Trust member myself.
Tony Rowe is a appointed chairman and doesn't own Exeter RFC. the extract below is taken from their website.
Much of the transformation of Exeter Rugby Club has happened since the English rugby scene turned professional in the late 1990s. At this time a limited company structure was created to run all of the club’s affairs through a board of seven directors, chaired by local businessman Tony Rowe.
It was an inspired move as the direction of the new board not only saw Exeter Rugby Club rise on the field, but off it as well there was also much to promote as individuals, businesses and key sponsors came together to help provide financial backing to the playing squad.
Even now, however, it remains a members’ club with the company shares held by four trustees – John Lockyer, Bob Staddon, Paul Derbyshire and Ian Pugsley – who act on the sole wishes of the 700-strong membership.